Domestic sales of Hyundai and Kia EVs surpass 500,000 units after 14 years

SEOUL, April 06 (AJP) - Hyundai Motor Group said Sunday it has sold more than 500,000 electric vehicles (EVs) in South Korea since launching its first model in July 2011. The milestone underscores the nation’s long-standing push for a greener transportation system, backed by government subsidies and growing infrastructure. As of March 2025, Hyundai, Kia, and Genesis had sold a cumulative total of 502,036 EVs domestically. Hyundai, including its luxury arm Genesis, accounted

April 6, 2025

Won strengthens, stocks rebound as Constitutional Court ousts Yoon

SEOUL, April 4 (AJP) - South Korean financial markets rallied briefly on Friday after the Constitutional Court unanimously ruled to remove President Yoon Suk Yeol from office, bringing a dramatic end to months of political uncertainty. In the minutes following the landmark decision, the Korean won surged to 1,430 against the U.S. dollar — its strongest level since late February. The Korean currency had already shown signs of strengthening earlier in the session, opening at

April 4, 2025

Trump's tariffs rattle Korean tech firms with global supply chains

SEOUL, April 4 (AJP) - U.S. President Donald Trump’s decision to impose steep reciprocal tariffs on major importers to the United States has sent shockwaves through Asian manufacturing economies — and could deal a heavy blow to South Korea’s technology industry. Analysts warn of broader consequences for Asia’s export-driven economies, many of which serve as key links in the global supply chains of multinational technology firms. The new levies, which also

April 4, 2025

Asian cosmetics brand ends partnership with actor Kim Soo-hyun

SEOUL, April 3 (AJP) - Global cosmetics brand Y.O.U BEAUTY has severed ties with South Korean actor Kim Soo-hyun and signaled potential legal action following allegations concerning his relationship with the late actress Kim Sae-ron. In a statement posted on its official Instagram account, Y.O.U BEAUTY reaffirmed its commitment to values that support and empower women. "We believe every woman deserves to live with confidence, dignity, and strength," the company said. Th

April 3, 2025

Hanwha Aerospace partners with US drone firm to enter lucrative unmanned aircraft market

SEOUL, April 3 (AJP) - Hanwha Aerospace, a leading South Korean defense firm, has announced a strategic partnership with General Atomics Aeronautical Systems of the United States to jointly develop and produce advanced unmanned aircraft. The collaboration positions Hanwha to tap into the rapidly growing global drone market, projected to reach 50 trillion won (approximately $34 billion) by 2040. The partnership will center on the development of the Gray Eagle-STOL (GE-STOL) unmann

April 3, 2025

KORUS FTA now a blank sheet as Trump imposes 'reciprocal' tariffs on Korean imports

SEOUL, April 3 (AJP) - The United States announced on Thursday that it will impose a 25 percent "reciprocal" tariff on all imports from South Korea, effectively nullifying the Korea-U.S. Free Trade Agreement. The sweeping measure marks a dramatic shift in economic relations between the two longtime allies. President Donald Trump signed an executive order enacting the tariff policy, which targets several major U.S. trading partners. China faces the highest levy at 34 per

April 3, 2025

Mirae Asset expands global reach with strategic investments, innovation

Editor's Note: This article is the 13th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, April 2 (AJP) - South Korea’s largest financial services conglomerate, Mirae Asset Financial Group, is further solidifying its international presence, and its continued expansion underscores its ambitions to become a dominant force in global finance. Long be

April 3, 2025

Household debt per borrower hits record high

SEOUL, April 2 (AJP) - South Korea's household debt burden has reached a record high, with the average per capita debt climbing to nearly 96 million won ($65,500). According to data released Wednesday by the Bank of Korea, the average household debt per borrower stood at 95.5 million won at the end of the fourth quarter of last year, the highest level since records began in 2012. While the total number of borrowers declined by 110,000 to 19.68 million — its lowest level

April 2, 2025

Energy storage setback deepens woes for South Korean battery makers

SEOUL, April 2 (AJP) - South Korean battery manufacturers are confronting a sharp downturn in their energy storage system (ESS) divisions, compounding the challenges of an electric vehicle market slowdown, industry analysts said Wednesday. LG Energy Solution is projected to see ESS revenue fall by more than 40 percent from the previous quarter, with estimates placing the figure between 353 billion and 363 billion won ($240 million to $247 million), according to multiple securities f

April 2, 2025

Leadership void leaves Korea vulnerable to Trump's tariff offensive

SEOUL, April 2 (AJP) - U.S. President Donald Trump is poised to unveil a sweeping set of reciprocal tariffs on Thursday in a White House ceremony he has branded "Liberation Day," a move that could have profound economic repercussions for export-driven nations like South Korea. The policy, scheduled for announcement at 3 a.m. in the Rose Garden, would impose duties on foreign imports equivalent to those levied by other nations on American goods. The measure could deliver

April 2, 2025